Bitcoin Whales Resume Buying at $71K Amid Market Sentiment Shift

Bitcoin whales have resumed buying at $71K, according to crypto analytics platform Santiment. This marks a reversal from activity recorded just over a week earlier, when whales sold 66% of the Bitcoin they had accumulated between Feb. 23 and March 3.

Santiment describes this shift as a 'positive reversal' and calls it a bullish signal. Wallets in the range of 10 to 10,000 Bitcoin now hold 68.17% of the total Bitcoin supply, up from 68.07% seven days earlier.

The platform notes that a confirmed local market bottom would require an additional condition: retail wallet holdings would need to decline at the same time as whale holdings continue to rise. Historically, Bitcoin has bottomed when everyday investors begin selling out of discouragement rather than buying with optimism.